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Brazil holds rates unexpectedly amid currency selloff

Brazilís central bank unexpectedly kept interest rates unchanged on Wednesday, contradicting widespread forecasts of a cut after a selloff in emerging markets drove the Brazilian real to a two-year low.
The bankís nine-member monetary policy committee, known as Copom, kept the benchmark Selic rate at 6.50 percent, after cutting the rate by 775 basis points since October 2016. Only two of 42 economists polled by Reuters had forecast the bank would stand pat.
The surprise move makes Brazilís central bank the latest in emerging markets to turn hawkish as expectations of rising U.S. bond yields draw investors away from higher-yielding ... (full story)